The Block reported that Upexi, a Nasdaq-listed company strategically acquiring SOL, recorded a net loss of $109.3 million in the first quarter of 2026. This loss is an increase compared to $3.8 million in the same period last year, primarily driven by $92.3 million in unrealized valuation losses from digital assets. Revenue grew from $3.2 million in the prior-year quarter to $4.6 million but could not offset the magnitude of the loss. As of the end of March, Upexi holds 2.36 million SOL ($184.9 million), and quarterly staking revenue was $3.5 million. Allan Marshall, CEO of Upexi, stated, "During the quarter, we increased our treasury SOL holdings by 9% and repurchased approximately 2.5 million shares in the open market, thereby increasing SOL holdings per share." Meanwhile, Upexi privately issued $36 million in convertible bonds in exchange for 265,500 locked-up SOL.
